WAEC Accounting 2023 Objective — Question 45

Question 45 of 50 from the West African Examinations Council (WAEC) Accounting 2023 Objective paper, with the correct answer and a full explanation.

(Capital 01/01/2020: Le1,934,600; Capital 31/12/2020: Le2,530,000; Expenses Le345,900; Drawings for 2020 Le72,500; Additional capital for 2020 Le250,000.) The gross profit for the year is

A. Le 763,800.Correct
B. Le 595,400.
C. Le 417,900.
D. Le 167,900.

Explanation

Opening capital + Net profit - Drawings + Additional capital = Closing capital → Net profit = Le417,900; Gross profit = Net profit + Expenses = 417,900 + 345,900 = Le763,800.

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